December 4, 2019 / 5:40 PM / in 7 months

UPDATE 1-Vote on bankruptcy restructuring plan for Brazil's Odebrecht postponed to Dec. 10

(Adds Odebrecht lawyer quote, details)

SAO PAULO, Dec 4 (Reuters) - Creditors for Brazilian conglomerate Odebrecht SA decided on Wednesday to postpone a vote on the company’s bankruptcy restructuring proposal to Dec. 10, until after it submits a revised restructuring plan.

Reuters reported earlier this week that Odebrecht and its larger creditors, local lenders, are close to reaching an agreement on a revised plan. Odebrecht lawyer Eduardo Munhoz said he expects to deliver the revised plan before Dec. 10.

Creditors gathered at the creditors’ assembly on Wednesday were only able to reach a quorum to vote on the restructuring plans for five of 21 subsidiaries that have joined the bankruptcy protection proceedings.

Odebrecht has been embroiled in sweeping corruption scandals throughout Latin America.

Creditor banks are expected to allow the conglomerate to receive around 80% of dividends of petrochemical company Braskem SA for at least two years and delay the sale of the stake in the company. (Reporting by Carolina Mandl in Sao Paulo Editing by Sonya Hepinstall)

Nuestros Estándares:Los principios Thomson Reuters
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